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Nordic banks charge a lot for cross-border money transfers - study.

NORDIC BUSINESS REPORT-8 January 2002-Nordic banks charge a lot for cross-border money transfers - study (C)1994-2002 M2 COMMUNICATIONS LTD http://www.m2.com

Transferring money from one Nordic country to another is both expensive and slow for private individuals, according to a study by FNF, the Confederation of Nordic Associations.

In the study either 100 Swedish, Norwegian or Danish crowns, 100 Finnish marks or 1,000 Icelandic crowns were sent from bank branches to another Nordic country. In Sweden the fees for the transfers ranged from the SEK230 charged by Nordea to the SEK90 charged by the Swedish postal service.

The fees for sending money to Sweden also varied considerably, from the FIM170 (SEK266) charged by the Aktia bank in Finland to the NOK50 (SEK60) charged by Norway's Den norske Bank.

The time it took for banks to transfer the money from a Swedish customer to a customer in another Nordic country varied from one to nine days. Sweden's Handelsbanken needed the most time - it took nine days for the bank to send SEK100 to Gjensidige Nor in Oslo. Payments from the other countries to Sweden arrived slightly faster - in three to five days.

The head of FNF in Sweden, Anders Ljunggren, says the survey shows that free competition between the banks is not functioning, reports the Swedish newspaper Dagens Industri.

((Comments on this story may be sent to nbr.feedback@nordicbusinessreport.com))

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EUSW
Date:Jan 8, 2002
Words:233
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